This Master thesis is about Project Management in the Danish Energy Technology Industry and how Project uncertainty is best dealt with. Through a study of the Project Management Literature we identify a theoretical ideal for structuring the elements of Project Management. The theoretical study is based on the Project Management Standard PMBOK and Wysockis book “Effective Project Management, Traditional, Agile Extreme”, and identifies five different Project Management Life Cycles. The result of the theoretical study is that the Adaptive Project Management Life Cycle model is the ideal model for structuring development projects in the industry.
Further more we conduct a Survey to identify how the industry in practise structures their Projects. We find that the Industry is using the Traditional Project Management approach.
By identifying the gaps between the theoretical ideal and the current practice we can pin point where the Industry should optimize their Project Management structure so that the negative effects of uncertainty is reduced.

Key words: Project Management, Project Management Life Cycle, Project elements, Project Management Standard, PMBOK.